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Consumers should control access to their personal financial data

Source: Adam J. Levitin, Georgetown Law (The Hill Opinion)

Large financial institutions hold vast amounts of consumer financial data. The Dodd-Frank provision, known as Section 1033, gives consumers the right to access their own financial data, and by extension, to make that data available to other financial institutions that might compete to offer services to the consumer. Being able to share one’s own financial data enables consumers to get loans underwritten based on their bank transaction history, even if they do not have a credit history.

Consumers should have full control over what data they share, including the ability to stop sharing their data at any time, and there should be safeguards to protect consumers from harm. It’s possible to have privacy, security and competition all at the same time. 

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